Senate abolishes Nigerian Accounting Standards Board

The Senate on Wednesday passed the Financial Reporting Council of Nigeria bill to repeal the Nigerian Accounting Standards Board Act.

The bill was passed after consideration of the 65 clauses of the bill from the report submitted by the Chairman of the Senate committee on Finance, Senator Ahmed Makarfi.

As passed, the Senate deleted some clauses relating to pension, directorates of Accounting Standards Private and Public Sectors, directorate of Auditing Practice Standards.

Also deleted include clauses on directorate of Actuarial Standards, directorate of Inspection and Monitoring, directorates of Valuation Standards, duration of registration, review and monitoring of accounting and financial Reporting standards.

The Senate deleted the clauses because a provision was made for the Council to set up directorates and prescribe functions for them.

The Upper Legislative Chamber however yesterday rejected the recommendation of the Ad-Hoc committee to reduce the N500,000 fine to N100,000 for anybody who is not registered under the Act but holds appointment or offer any service for remuneration as a professional for public interest entities.

After passage of the bill yesterday, the Senate President, Senator David Mark said: "It is a very important bill. It has international implication on our economy and I hope the council once inaugurated will work hard to perform their functions